Sector Update: Energy Stocks Higher in Late Monday Afternoon Trading

Energy stocks were rising late Monday afternoon, with the NYSE Energy Sector Index climbing 2.5% and the Energy Select Sector SPDR Fund (XLE) gaining 2.7%.

The Philadelphia Oil Service Sector index spiked 3%, and the Dow Jones US Utilities index added 1.1%.

Front-month West Texas Intermediate crude oil rose 1.1% to $81.65 a barrel while the global benchmark Brent crude contract advanced 0.9% to $86.04 a barrel. Henry Hub natural gas futures popped 4.1% to $2.82 per 1 million BTU.

In corporate news, Chevron (CVX) expects to see a $300 million to $400 million hit on its earnings due to an impact on its Q2 production, Reuters reported Monday. Chevron shares were rising 2.4%.

Exxon Mobil (XOM) shares rose 3.2% as it said Monday it has reached an agreement with Air Liquide to transport low-carbon hydrogen produced from the oil giant's plant in Texas through Air Liquide's pipeline network.

Nano Nuclear Energy (NNE) shares soared nearly 34% after it said Monday it has acquired annular linear induction pump intellectual property for small nuclear reactor cooling and heat transfer from Maidana Research's Carlos Maidana.

Eni (E) expects to complete the sale of a minority stake in its biofuel unit Enilive by the end of 2024, Reuters reported. Eni shares rose 0.1%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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